Struggling UK biotechs call for support

The UK's biotech industry--which has suffered greatly in the ongoing financial crisis--is calling for government tax incentives and other measures to support the struggling sector. "[I]t is vital that the problem that the sector is currently facing from inadequate financing is addressed, otherwise the future of early-stage bioscience companies is in doubt," Sir David Cooksey, Chairman of the Bioscience 2015 Review and Refresh Steering Group, said in a statement.

The report, issued by the UK's BioIndustry Association (BIA), said the industry needs tax incentives to invest in biotechnology development. In addition it called for a plan to attract overseas investors to UK developers, and for tax breaks for pharma companies that invest in smaller biopharmas. Finally, BIA said an independent inquiry is necessary to assess NICE's long-term impact on the cost, access to, and uptake of medicines in the UK. As you know, NICE has been aggressive about rejecting expensive medicines that it says don't offer sufficient advantages over older, less costly drugs.

Said Dr. Clive Dix, BIA Chairman: "Even before the current economic downturn, UK bioscience companies faced substantial challenges in raising finance. A new approach to funding is needed to bridge the gap left by institutional investors in order to retain a sustainable UK bioscience sector."

- here's the article

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